§ 11-1-83. REVITALIZATION AREA PROGRAM.

(A)

This section applies in the area bounded by Interstate 35 from Manor Road to Riverside Drive, Riverside Drive from Interstate 35 to Highway 71, Highway 71 from Riverside Drive to Highway 183, Highway 183 from Highway 71 to Manor Road, and Manor Road from Highway 183 to Interstate 35.

(B)

An abatement under this section may be granted only once within a 15 year period for the same property.

(C)

This subsection applies to residential property.

(1)

To be eligible for an abatement:

(a)

a property must be owner-occupied;

(b)

a property must be a contributing structure or a potentially contributing structure;

(c)

the cost of restoration that is completed must be at least 10 percent of the pre-restoration value, excluding the value of the land;

(d)

at least five percent of the pre-restoration value must be spent on improvements to the exterior of the property; and

(e)

the improvements must comply with the historic area (HD) combining district preservation plan.

(2)

An abatement under this subsection is equal to the taxes assessed on the added value of the property over the pre-restoration value.

(3)

An abatement begins the first day of the first tax year after verification and has a duration of ten years.

(D)

This subsection applies to a commercial property.

(1)

To be eligible for an abatement:

(a)

a property must be an income-producing property;

(b)

a property must be a contributing structure or a potentially contributing structure;

(c)

the cost of restoration that is completed must be at least 30 percent of the pre-restoration value, excluding the value of the land;

(d)

at least five percent of the pre-restoration value must be spent on improvements to the exterior of the property; and

(e)

the improvements must comply with the historic area (HD) combining district preservation plan.

(2)

An abatement under this section is equal to the taxes assessed on the added value of the property over the pre-restoration value.

(3)

An abatement begins the first day of the first tax year after verification and has a duration of ten years.

Source: Ord. 041202-16.